Speaking during the Money20/20 Asia conference which finished on the same date, Monetary Authority of Singapore (MAS) managing director Ravi Menon told an audience that the city-state’s Blockchain plans, dubbed ‘Project Ubin,’ will “solve the challenge” of increasing efficiency in the arena.
“One of the potentially strongest use cases of crypto tokens is to facilitate cross-border payments in traditional currencies,” he said.
“This is the challenge that Singapore’s Project Ubin has set itself to solve:
- to use blockchain technology to enable entities across jurisdictions to make payments to one another:
- without intermediaries;
- with greater speed and efficiency; and at lower risk and cost.”
Both Singapore’s government and MAS have long been collaboratively bullish on Blockchain’s potential while creating a similarly enabling environment for cryptocurrency businesses…